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Milton Financials: Energy XXI acquires 9 Exxon Mobil oil and gas fields in Gulf of Mexico.

11-23-2010 02:11 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Milton Financials

This latest $1.01 billion deal will see oil and gas exploration company Energy XXI’s reserves boosted and increase its production by over 70 percent.

Milton Financials has been informed that the oil and gas exploration company Energy XXI has agreed to acquire nine of Exxon Mobil’s shallow water oil and gas fields in the Gulf of Mexico. The fields are situated on the Gulf’s continental shelf, an area considerably cheaper and safer to drill than in the deepwater where BP’s mid-year oil spill occurred.

The new deal will make Energy XXI the third-largest oil producer on the shelf according to the company.

In a recent statement available to Milton Financials the company indicated that the fields hold estimated reserves of 66 million barrels of oil and gas, 61% of which is oil. At present the wells are producing around 20,000 barrels of oil equivalent a day, 53% of which is oil.

According to the statement the acquisition will increase Energy XXI’s proved and probable reserves by 72% and its production would increase by over 77%.

Milton Financials research indicates that the assets represent less than 15% of oil giant Exxon Mobil’s total output from the Gulf of Mexico.

Exxon Mobil has also recently announced it is considering the sale of 100 gas stations in Scotland and there have also been unconfirmed reports that the oil major is considering the sale of $2 billion worth of North Sea assets.

Milton Financials is a dedicated, independent broker providing the market insight and investment advice that corporate, institutional and private clients trust.

1006 - 1011
Alexandra House
18 Chater Road
Central
Hong Kong

Tel: +852 81 20 54 56

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